Ultimate Tips: How to Steer Clear of Costly Jumbo Loans
A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Conforming loan limits vary by county, but in most areas, the limit for a single-family home is $647,200 in 2023. Loans that exceed this limit are considered jumbo loans. Jumbo loans typically have higher interest rates…